More than half of UK businesses do not have adequate plans in place to help them weather the ‘credit crunch,’ according to new research.

In a survey carried out by management consultancy Hay Group, 51% of firms confessed to having the wrong strategy for dealing with the current economic slowdown, while 26% admitted that they do not have a contingency plan to help secure their business.

The study, which questioned 120 business leaders from across Britain, also reveals that over a quarter of companies began planning for the future in the last six months, while 18% admitted that they have just started to think ahead.

‘British businesses have been caught out by the downturn – and now risk missing the recovery too,’ warned Russell Hobby, associate director at Hay Group. ‘Business leaders must recognise that it will not be business as usual after the current economic strife. Planning for the recovery starts now.’

He added: ‘Only firms with agile business models will stay competitive in both downturn and recovery. Now is the time to acquire talent, market share and customers from weakened competitors, and maintain bullish investment in research and development to leapfrog those who have lowered their sights.’

We can work with you to implement a range of strategies to safeguard your business in the economic climate– please contact us for more information.